May mortgage performance data indicates that the mortgage finance industry might consider shifting priorities for a while. Black Knight, in the current edition of its Mortgage Monitor, points to the heavy prepayment risk for especially for adjustable rate mortgage (ARM) borrowers shown in the report and the growing pool of financeable mortgages. It is time, Black Knight says, for lenders and servicers to focus attention on retention so their existing customers don't refinance elsewhere. Behind both of the activities cited, of course, is the continuing retreat of interest rates. On Thursday Freddie Mac announced another 11-basis point (bp) slide in its mortgage rate, bringing it to 3.73 percent, a three-year low. The Monitor has reported in several of its recent editions about the growing pool

July 1, 2019 Download our Mobile App: Download our Mobile App: 30 Yr. Fixed 6.28% -0.01%   6.11% 7.26% 15 Yr. Fixed 5.65% +0.05%   5.54% 6.59% 30 Yr. Jumbo 6.25% +0.00%   6.25% 7.45% Compare Mortgage Rates from Local Lenders for Jul 1, 2019 Rates Face Big Volatility Risk Next Week Fri, Jun 28, 2019 12:59PM Mortgage rates enjoyed a pleasantly flat week despite some volatility in the underlying bond market. The day-to-day changes in Treasuries and Mortgage-Backed-Securities (MBS) were noticeable, but they all took place inside the range of values seen last Wednesday on Fed day. In other words, the bond market (which dictates rates) digested the Fed's message and is now waiting for the next shoe to drop. When it does, we're highly likely to see the current range give way to the next bout of strong momentum. The shoe in question is next week's economic data. After all, the Fed's message last week wa... (read more) Mortgage News Daily Rate Change Points 30 Yr. Fixed 6.28% -0.01 0.00 15 Yr. Fixed 5.65% +0.05 0.00 30 Yr. FHA 5.94% -0.01 0.00 30 Yr. Jumbo 6.25% 0.00 0.00 7/6 SOFR ARM 5.62% +0.03 0.00 30 Yr. VA 5.95% -0.02 0.00 Updates Daily - Last Update: 9/8 Freddie Mac Rate Change Points 30 Yr. Fixed 6.50% -0.06 0.00 15 Yr. Fixed 5.60% -0.09 0.00 Updates Weekly - Last Update: 9/4 Mortgage Bankers Assoc. 30 Yr. Fixed 6.64% -0.05 0.59 15 Yr. Fixed 5.84% -0.19 0.84 30 Yr. Jumbo 6.58% -0.09 0.39 Updates Weekly - Last Update: 9/3 UMBS 30YR 5.5 101.22 -0.06   97.47 101.61 UMBS 30YR 6.0 102.47 -0.07   99.66 102.50 10 YR Treasury 4.065 +0.026   3.621 4.780 MBS Live Week Ahead: What Trade Deal? Bring On The Data! Mon, Jul 1, 2019 9:37AM In the week just past, bonds avoided a negative correction following the previous week's Fed-induced rally.  There was plenty of back and forth, but it was all contained inside the range of yields seen on June 19th (Fed day).  By the end of... (read more) MBS Price Change UMBS 5.0 99.70 -0.08 UMBS 5.5 101.24 -0.04 UMBS 6.0 102.48 -0.06 GNMA 5.0 100.02 -0.05 GNMA 5.5 101.19 +0.00 GNMA 6.0 102.13 -0.05 Pricing as of: 9/9 6:59AM EST US Treasury Yield Change 2 YR Treasury 3.499 +0.011 5 YR Treasury 3.576 +0.014 7 YR Treasury 3.784 +0.016 10 YR Treasury 4.060 +0.021 30 YR Treasury 4.718 +0.028 Pricing as of: 9/9 6:59AM EST Other News Prepayments and Refinancing Reflect a Friendly Falling Rate Environment Mon, Jul 1, 2019 9:24AM May mortgage performance data indicates that the mortgage finance industry might consider shifting priorities for a while. Black Knight, in the current edition of its Mortgage Monitor, points to the heavy prepayment risk for especially for adjustable rate mortgage (ARM) borrowers shown in the report and the growing pool of financeable mortgages. It is time, ... (read more) Single-Family Construction Spending Gets Hit Hard, Down From Last Year Mon, Jul 1, 2019 11:59AM Construction spending in May, dipping 0.8 percent compared to April's seasonally adjusted annual rate of $1.304 trillion to $1.294 trillion. On an annual basis, overall spending is down 2.3 percent on an annual basis and residential spending is off 11.2 percent. On an unadjusted basis, there was a total of $113.03 billion spent during the month and $498.89 h... (read more) Rent or Buy? The Answer May Depend on Your Other Expenses Thu, Jun 27, 2019 3:46PM A household's decision between buying a home and renting one is being increasingly determined by its student loan debt and childcare cost burdens according to results of a Freddie Mac survey of renters and homeowners. The survey of 4,000 households shows that affordability issues are continuing to have a profound impact on housing choices. Freddie Mac presid... (read more) DPA, Warehouse Products; Conventional Conforming News: Agency Reform? Not so Fast! Mon, Jul 1, 2019 9:12AM Huh? We’re in the 3rd quarter of 2019 already? To where did the first six months fly off? I am hearing from some lenders that solid April, May, and June (aka, 2Q 2019) made up for poor 4th quarter and 1st quarter numbers. Locked pipelines are full heading into the heart of the summer, capital markets staffs are reminding LOs and brokers of renegotiatio... (read more) Latest Video January new home sales drop nearly 7% Bank of America CEO: Loan demand showing consistent growth UK parliament votes on options to delay Brexit January new home sales fall short of expectations, down 6.9 percent Around the Web NAR - Realtor.com American Suburbs Swell Again as a New Generation Escapes the City Calculated Risk Blog Update: Framing Lumber Prices Down 35% Year-over-year Bloomberg Your Phone Could Help Make Mortgage Bond Traders Miserable NAHB Eye on Housing The Effect of Affordable Housing on the Surrounding Neighborhood Calculated Risk Blog ISM Manufacturing index Decreased to 51.7 in June CNBC US construction spending unexpectedly fell in May bbc.com G20 summit: Trump and Xi agree to restart US-China trade talks Reuters As U.S. expansion notches record, recovery may have only just begun Bloomberg Traders Seen Sticking to Fed Rate-Cut Bets as Tariffs Remain Calculated Risk Blog Fannie Mae: Mortgage Serious Delinquency Rate Decreased in May, Lowest Since July 2007 Reuters U.S. banks play cat-and-mouse game with Fed on capital returns Reuters Explainer: U.S.-China trade talks: where they are and what's at stake Calculated Risk Blog Q2 GDP Forecasts: Around 1.5%

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